23 November 2021
ADM Energy PLC
("ADM" or the "Company")
Barracuda Oil Field
ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resources investing company, notes speculation regarding OML 141 and its interest in the Barracuda oil field risk sharing contract.
On 28 April 2021, ADM announced that it had completed the acquisition of a 51 per cent. equity shareholding in K.O.N.H UK Limited ("KONH") which, through its subsidiary Noble Hill-Network Limited ("NHNL"), holds an indirect 70 per cent. controlling interest in a risk sharing agreement in the Barracuda oil field in OML 141 in Nigeria.
KONH has subsequently been notified by NHNL of a dispute regarding its ownership in NHNL and therefore its interest in the Barracuda Field in OML 141. ADM and its legal advisers consider that the dispute brought by NHNL is without merit and ADM confirms there has been no change in its position as the majority shareholder in KONH and the subsequent 70 per cent. indirect interest in NHNL.
As notified on 15 November 2021, the Company is assessing the draft Competent Person's report for the Barracuda field and is in regular dialogue with Emerald Energy Resources Limited, operator of the Barracuda field, in respect of the potential development of the Barracuda field.
The Company will update the market further in due course.
Enquiries:
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ADM Energy plc |
+44 20 7459 4718 |
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Osamede Okhomina, CEO |
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Cairn Financial Advisers LLP |
+44 20 7213 0880 |
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(Nominated Adviser) |
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Jo Turner, James Caithie |
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Hybridan LLP |
+44 20 3764 2341 |
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(Lead Broker) |
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Claire Louise Noyce |
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ODDO BHF Corporates & Markets AG |
+49 69 920540 |
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(Designated Sponsor) |
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Michael B. Thiriot |
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Luther Pendragon |
+44 20 7618 9100 |
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(Financial PR) |
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Harry Chathli, Alexis Gore, Tan Siddique |
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About ADM Energy PLC
ADM Energy PLC (AIM: ADME; BER and FSE: P4JC) is a natural resources investing company with an existing asset base in Nigeria. ADM Energy holds a 9.2% profit interest in the oil producing Aje Field, part of OML 113, which covers an area of 835km² offshore Nigeria. Aje has multiple oil, gas, and gas condensate reservoirs in the Turonian, Cenomanian and Albian sandstones with five wells drilled to date.
ADM Energy is seeking to build on its existing asset base in Nigeria and target other investment opportunities across the West African region in the oil and gas sector with attractive risk reward profiles such as proven nature of reserves, level of historic investment, established infrastructure and route to early cash flow.